In a recent report on the Kraken Exchange, analysts stated that the correlation coefficient between the current quarter’s price trend and the fourth quarter of 2017 is 0.88.
Bitcoin rose 220% in the fourth quarter of 2017. If history repeats itself, Bitcoin may reach $96,355, This may be the top of this cycle.
According to Glassnode’s “The Week On-Chain” report, long-term holders of Bitcoin who have held Bitcoin for more than 12 months are unwilling to spend their Bitcoin.Another positive factor is that investors continue to Withdraw coins from centralized exchanges Its supply share has dropped to a record low of 12.9%.
Can Bitcoin and altcoins maintain their bullish momentum, or will profit bookings drag prices down? Let’s study the charts of the top 10 cryptocurrencies to find out.
The bears tried to pull Bitcoin below the breakthrough level of $67,000 on November 9th, but they were unable to maintain the low level. The mild correction shows that the bulls are buying every time a small decline occurs.
Both moving averages are sloping upward, and the relative strength index (RSI) is close to the overbought zone, indicating that the bulls are in control.
If buyers maintain the price above US$67,000, the BTC/USDT currency pair may accelerate its momentum and accelerate to reach the next target of US$75,000. Breaking and closing above the resistance level may open the door for a possible rebound to $89,476.12.
On the downside, the area between US$67,000 and US$63,750 may become a strong support. If this area is broken, it indicates that traders may be actively booking profits. Then the currency pair may fall to the 50-day simple moving average (SMA) (56,348 USD).
Ether has been trading in the ascending channel for many days. The bulls are trying to keep the price above the center line of the channel. The main target for the upside is the psychological level of $5,000.
This level may become a strong resistance, but if the bulls do not give up too much stance, the ETH/USDT currency pair may overcome the obstacle and rebound to the next target target of 5,283.17 USD.
If the price falls from the resistance line of the channel, the currency pair may fall to the support line. This is an important level to watch, because a break below this level will indicate a possible change in the short-term trend.
The currency pair may first fall to 4,146.30 USD, but if this support level also gives way, the correction may reach the psychological support level of 4,000 USD.
Binance Coin (Bitcoin) Fell below the $630 support level on November 11, but the bears were unable to maintain a low level. Altcoins have seen a strong recovery, and the bulls are now trying to push the price above $669.30.
If they manage to do this, the BNB/USDT currency pair will challenge the overhead resistance at 691.80 USD. The rising moving average and the RSI in the overbought zone indicate that the path of least resistance is to the upside.
On the other hand, if the price drops from the above resistance, it indicates that traders are actively defending the level. The bears will then try again to pull the price down to the 20-day exponential moving average (EMA) ($566).
Cardano (Have) Broke through and closed above the downtrend line on November 9, indicating that selling pressure is declining. The bears are currently trying to pull the price back below the breakout level.
If they succeed, it indicates that breaking the downtrend line may be a bear trap. The ADA/USDT currency pair may break below the moving average and retest the key support level of 1.87 USD.
Conversely, if the price rebounds from the breakout level, it indicates that the bulls are buying on dips. The currency pair may then rebound to the upper resistance at $2.47. This is an important resistance for bears to defend, because if it breaks, the currency pair may rise to $2.80.
The long tail of the Solana (SOL) candlestick on November 8 shows that there is buying at the center line of the ascending channel. However, the bulls were unable to take advantage of this advantage, as strong selling at higher levels pulled the price below the midline on November 9.
The SOL/USDT pair may now fall to the support line of the channel. A strong rebound from this support level will indicate that the uptrend remains unchanged. Both moving averages are sloping upwards and the RSI is in the positive zone, indicating that the bulls have the upper hand.
A breakout and closing above the channel will indicate a strengthening, and the currency pair may rebound to $300 and then rise to $321. Conversely, if the bears break the price below the channel and the $216 support level, the decline may extend to the 50-day moving average ($179).
Ripple (Ripple) Broke through and closed above the upper resistance at $1.24 on November 8, indicating that the bulls are trying to make a comeback. The bears tried to bring the price back below $1.24 but failed to maintain a lower level.
This shows that the bulls have turned the $1.24 level into support. This level can now be used as a launch pad for the next ascent phase. The XRP / USDT currency pair may rebound to the upper resistance level of 1.41 US dollars, and the shorts are expected to form strong resistance here.
If the price falls from $1.41 but rebounds from $1.24, it indicates that traders continue to buy on dips. This will increase the possibility of a break above 1.41 USD. If the bears fall and maintain the price below the 20-day moving average ($1.17), this positive view will be rejected.
DOT / USDT
Polkadot (DOT) fell from $53.87 on November 8, indicating that the shorts are selling at a higher level. The price has fallen back to $49.78, which may become a strong support.
Repeatedly retesting the support level in the short term tends to weaken it. If the price falls below 49.78 USD, the DOT/USDT pair may fall to the 20-day moving average (48.09 USD). This is an important support for bull defense.
A strong rebound from the 20-day moving average will indicate that market sentiment remains optimistic, and traders are buying on dips. The bulls will have to push the price above $55.09 to signal the resumption of the upward trend. The next upside target is $63.08.
Contrary to this assumption, if the price drops below the 20-day moving average, traders may leave the market in a hurry. This may pull the price down to the 50-day moving average ($39.87).
Dogecoin (dog) A fall from $0.29 on Nov. 8 indicates a sell-off on rallies. The price has fallen back to the 20-day moving average ($0.26), which is an important support that deserves attention.
If the price rebounds from the current level, the bulls will try again to push the DOGE/USDT pair above $0.30. If they can succeed, the currency pair may challenge the overhead resistance of $0.34. A breakout and close above this level will indicate that the bulls have the upper hand.
Or, if the price falls below the 20-day moving average, the next stop may be the 50-day moving average ($0.24). If this support level is broken, the selling may intensify, and the currency pair may fall to a strong support level of $0.19.
SHIBA INU (SHIB) rose above the downtrend line on November 9, but the bulls were unable to maintain a high level. This shows that every rise has been sold by shorts.
The SHIB/USDT currency pair formed a doji candlestick pattern on November 9 and fell on November 10. If the bears maintain the price below the 20-day moving average (0.000053 USD), the currency pair may fall to the 78.6% Fibonacci retracement level of 0.000040 USD and then the 50-day moving average (0.000033 USD).
Contrary to this assumption, if the currency pair rebounds from the current level and rises above the downtrend line, it may reach $0.000065. The flat 20-day EMA and RSI close to the midpoint indicate that there will be range fluctuations in the near future.
Terra’s LUNA token has been trading in an ascending wedge pattern. The bulls tried to push the price to the wedge resistance line on November 8, but failed to maintain a higher level.
Profit taking near the resistance line on November 9 brought the price back to the key level of $49.54. The strong rebound from this level on November 10 indicates that the bulls are vigorously defending this level.
Buyers will now try to push the price to the wedge resistance line. If the bulls push the price above the wedge, the bullish momentum may rebound and the LUNA/USDT pair may reach $62.59.
If the price drops from the current level or above the resistance and breaks below the wedge-shaped support line, this positive view will be invalid.
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Market data by Bitcoin exchange.